Banking group Lloyds announced on Friday its intention to sell its operations in Uruguay to Banque Heritage (Uruguay) SA in an effort to scale back its international presence.
The lender is selling its Uruguayan retail, commercial and corporate banking operations (which currently operate as a brand of Lloyds TSB Bank).
The total assets being sold – which don’t include Lloyds’s representative office in Uruguay - were worth £261m at the end of 2011.
“This transaction is in line with the group's strategy of reducing its international presence and the effect of the sale on the group is not expected to be material,” the firm said on Friday afternoon.
As always, the transaction is subject to regulatory approval and a number of other conditions, though Lloyds expects the disposal to complete some time next year.
Lloyds Banking Group PLC (LLOY.LN) is 41% owned by the UK Government.
Banque Heritage and its subsidiaries are a full-service international banking group managing more than 6.2bn Swiss francs for private and institutional clients worldwide.
Banque Heritage while global in scope, it manages its business cohesively across its three disciplines – Private Banking, Asset Management and Merchant Banking.
Founded in 1986 as the family office of the Esteve family, Banque Heritage is today a fully-regulated banking group headquartered in Geneva with an international franchise that currently spans Zurich, Lugano, Guernsey, Montevideo and Singapore.
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When I first visited Uruguay and realised it was for us I went to the Lloyds branch in the Missiones district of Montevideo to set up an account I could operate from the UK to buy a house before we moved over.Sep 08th, 2012 - 12:21 pm 0
They were just not interested. BROU on the other hand welcomed me with open arms and a new account, internet banking and setting up my Escribana as my Power of Attorney was achieved in less than 30 minutes. Best service I have had in any bank, in any country, where I have an account.
Please support this page - Falkland Islands Desire The Right - dedicated to Falkland Islands current affairs, keeping the islands free and poking fun at the lunacy of the Argentine government and their various claims and winding up their Internet trolls - https://www.facebook.com/Britain1592Sep 08th, 2012 - 06:26 pm 0
Chris I would agree with reservations, added to which BROU being a government bank isnt going to go bust as so many Uruguayan banks have in the past or sell out to another bankSep 08th, 2012 - 11:31 pm 0